Interest Only Mortgages

Interest only mortgages are very popular with many mortgage buyers these days. The benefits are many. Interest only mortgages can allow you to afford a larger mortgage loan than you might otherwise be able to handle. The way interest only mortgages work is that for a pre-determined amount of time, for example, five years, your payments will only go to pay interest. None of your monthly payment will decrease the balance of your principal mortgage loan. When your five year time limit is up, your monthly payments on your interest only mortgages will increase. Now, instead of paying the interest only, you are paying the interest as well as the principle. The payments are higher than they would have been had you been paying off the interest and principle all along.

Call us today to speak with a mortgage specialist to find out if interest only mortgages are right for you.

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